TBPN Podcast Summary

Episode: NYSE Gigastream, Jim Cramer Joins, 𝕏 Timeline Reactions | Eric Glyman, John Zito, Katie Deighton
Date: December 4, 2025
Hosts: John Coogan & Jordi Hays
Location: Live from the New York Stock Exchange (NYSE)

Episode Overview

This edition of TBPN is broadcast live from the floor of the New York Stock Exchange, celebrating TBPN's new exclusive partnership with the NYSE to cover the "IPOs of tomorrow." The episode is a jam-packed live show rich with tech market news, commentary on AI advancements, and memorable guest appearances, including Jim Cramer, Eric Glyman (Ramp), John Zito (Apollo), and Katie Deighton (Wall Street Journal). Hot topics include the AI foundation model race, Google Gemini, private credit’s new era, the future of data centers, volatile IPO markets, and the evolving brand and marketing landscape. The hosts keep the tone light and irreverent but dig deep with detailed analysis and guest insight.

Key Segments & Discussion Highlights

1. TBPN × NYSE: The Exclusive Partnership

Timestamps: 00:03 – 01:28

• Announcement: TBPN is now the NYSE's exclusive exchange partner for covering tech IPOs.
  • Lynn Martin (NYSE President) calls TBPN “a really bright spot for 2025.”
  • John & Jordi reflect on the natural fit, their past coverage of the Figma and Klarna IPOs, and what this partnership means for their show’s East Coast presence.

2. AI Foundation Model Wars: Google Gemini, OpenAI, & Anthropic

Timestamps: 01:37 – 15:27

• Market Debate: Ross Hendricks’s take that Gemini's dominance may spell bad news for AI economics—concerns about zero profitability and prolonged price wars.
  • Jordy (02:27): “I'm not convinced that there will be a monopoly in LLMs. It feels today like we're headed towards a duopoly at the very least… I feel very good about Anthropic right now.”
  • John (04:23): “Google likes good margins. They grew up with the best margins… I’d be surprised if Gemini can hold out on not monetizing forever.”
  • Discussion of Gemini's product velocity—Workspace Studio launches, Google AI agent integrations.
  • Lisa Su (AMD) on TPUs vs. GPUs (06:45): She underscores programmability and flexibility as GPU strengths, predicting GPUs stay dominant for five years.
  • Industry Market Dynamic: OpenAI, Google, Meta, and competitive chip architectures; future of AI hardware is broad and competitive, not winner-takes-all.

3. AI in Big Tech: Monetization, Data Centers, and Space

Timestamps: 13:41 – 27:34

• Ads in Chatbots: Speculation on who will roll out chatbot ads first, sentiment online against ChatGPT monetization via ads.
  • John (14:26): “The first ad in the chat app is going to be screenshotted and shared around the world.”
  • Google has the infrastructure for ads, but big tech is wary of starting a price/ad war.
  • On AI-driven E-commerce: ChatGPT’s traffic yields high conversion rates (16:05).
• OpenAI’s Expansion Ambitions: Charting massive capital burns, Sam Altman’s interest in building/partnering with a rocket company to rival SpaceX, and OpenAI’s quest to integrate vertically into infrastructure.
• Space Data Centers: Discussion on the practicality, costs, and meme-ability of data centers in space.
  • John (26:31): “It’s not in my backyard and it’s not using any water because it’s up in space.”

4. Market Structure, Prediction Markets, and Political Backlash

Timestamps: 27:33 – 32:14

• Anti-Data Center and Anti-Prediction Market Sentiments: Rising on the political agenda, potential for politicians to run on these platforms.
  • Jordy (29:39): “It's hard for people to say, ‘I don’t use data centers, so I don’t want them’ — everybody in some way is benefiting.”
  • Sphere for prediction markets and regulatory hurdles highlighted.

5. Notable Guest: Jim Cramer Joins Live at NYSE

Timestamps: 33:47 – 72:24

a) Cramer on Market Journalism and Culture

• Reflections on Broadcasting from NYSE:
  • Cramer (35:04): “There’s a level of excitement. Not the way it was in ‘82… but I still find it fascinating.”
  • Prefers in-person interviews but admits the logistical complexities.
• On Interview Style:
  • Cramer (38:45): “If you have respect for a person, it means you’re gonna be fair. They're not your enemy, you're just trying to have a real conversation.”
  • Shares methods of grilling CEOs (“free fire zone”), balancing tough questions and respect.
  • Reminiscences about friendships—including Salesforce’s Benioff.
• On Market Coverage:
  • Cramer: Values historical memory and the role of monopolies and oligopolies in building investment theses.
  • Cramer (53:23): “I'm looking for monopolies… Monopolies just, they've got gross margins. I just want big, gross margins.”

b) Market Trends, IPOs, and Tech Giants

• Biotech IPO Bubble: Cramer sees a glut of “one-trick ponies” among biotech IPOs.
• Tech Duopolies & Google:
  • Cramer (55:15): Shares story of exiting Google over monopoly fears, only to regret after regulatory tides shift.
  • Discussion of how duopolies (Uber vs Lyft, Affirm vs Klarna) and cash flow differences impact market potential.

c) Culture, Brands, and TV Lore

• Show Soundboards: Nostalgia and inside jokes around show memorabilia.
• On Great and Not-So-Great Guests:
  • Cramer (66:49): “The worst guests are the ones that are trying to get in rescripted lines… Talking points and charm are the sirens…”

d) Personal Bits

• Cramer’s Sleep: His candidness on insomniac nights and personal routines.
• Investing Philosophy: Encourages a hybrid of index funds and selective stock picking.
  • Cramer (69:30): “People feel if you do more than own an index fund, you don’t know what you’re doing. But I’ve seen people make tens of millions…”

6. Eric Glyman (Ramp) on Building in New York and the Future of Finance Tech

Timestamps: 76:03 – 89:52

• Why Build Ramp in NYC? Returns after YC; contrasts the earnest hacker culture of San Francisco with NYC’s “earnest builder” spirit.
  • Glyman (79:15): “San Francisco… had become very, very corporatized… In New York, you could punch above your weight.”
• Hiring Principles: Emphasizes slope > intercept; prioritizes high-drive, high-IQ talent.
• AI in Finance SaaS:
  • Glyman (85:03): “AI is becoming over-hyped… The central promise of Ramp is helping you spend less. Intelligence should serve that timeless value.”
• Milestone: Ramp’s valuation exceeds world’s top paper receipt company—“the death of the paper receipt.”

7. John Zito (Apollo): Private Credit, Asset Management, and New Capital Markets

Timestamps: 90:19 – 108:00

• Apollo’s Scope: Over $900B assets under management; largest in alt-credit.
  • Markets half their own capital for retirement, half third-party.
• Rise of Private Credit:
  • Only two capital sources for big projects: banks and investors; Apollo specializes in long-dated private capital ideal for infrastructure (AI, defense, power).
  • “Everyone’s staying private longer,” challenging tradition of IPOs as sole fundraising method.
• Definition Scope: Private credit includes multi-billion-dollar secured loans (e.g., $11B to Intel) not just “$10 million to a tire manufacturer.”
  • Zito (98:45): “We have mortgages… commercial real estate loans.”
• AI’s Role in Lending: Automation and data in evaluating large pools of loans, specializing as the market scales.
• On IPO Market Outlook: Sees bullish M&A and a shift toward more public exits as off-bal sheet debt scrutiny increases.
  • Zito (107:36): “The more pressure and questions about debt… will require [AI companies] to access convert market, equity market… I think [Anthropic/OpenAI] will go public earlier than anticipated.”

8. Katie Deighton (WSJ): Brands, Crisis, and the Evolution of Comms

Timestamps: 115:04 – 132:23

• Trends in Brand Marketing:
  • “Crisis” is the word of the year—no brand is safe from viral controversy.
  • Modern comms: brands shifting budget to PR, building owned media (Substack, podcasts) to control narrative.
  • Deighton (120:06): “Big question: do consumers care if a brand is using AI? If they do, how badly will it affect revenue?”
• On Political Branding: Expecting more brands to openly affiliate with ideologies or segment their brands.
  • Brands may “throw themselves into crisis” as a marketing tactic (“rage bait”).
• Media Storytelling:
  • Modern founder profiles and conflict narratives (“stories need friction”).
  • Encourages brands: “Come with some friction… give us some numbers.”
• Wellness to Unwell?: Hosts debate whether “wellness” has peaked as a cultural trend.

9. Timeline & X Reactions: News From the Timeline

Timestamps: Interspersed, esp. end of episode

• Notable Social News:
  • Google–Replit partnership; speculation about insider trading in prediction/search markets.
  • Antifund launches new $330M fund with viral video format.
  • Breakout hardware companies (e.g. “Plod”, summarizing meetings)—proving hardware can still generate big wins.

Notable Quotes & Moments

• Jim Cramer (53:23): “I’m looking for monopolists. Or I’m happy with oligopolists.”
• John Coogan (14:26): “The first ad in the chat app is going to be screenshotted and shared around the world.”
• Eric Glyman (85:47): “People ask what’s going to change in ten years… but what won’t is that people always want more for less.”
• John Zito (96:03): “Now everyone’s accessing this private market… because it’s growing so quickly, it’s in the news a lot. Wait, it’s growing fast? It must be risky.”
• Katie Deighton (118:34): “My word of the year? Crisis… every brand right now… nobody is safe.”

Engaging & Memorable Moments

• Jim Cramer recalling naming his dog “Nvidia”—and a police officer who got rich by investing on Cramer’s literal pet pick (70:11).
• Cramer on interviews: “The worst guests are the ones that are trying to get in rescripted lines. Talking points and charm are the sirens…” (66:49).
• Playful banter and culture clash of NYC vs. SF startup ethos (79:15–80:36).
• Celebratory tree-lighting ceremony echoes NYSE’s sense of occasion.

Episode Takeaways

• AI Platform Wars Will Continue: There’s critical debate about whether the race will result in monopoly, duopoly, or more open competition (especially as Google brings more aggressive products to market).
• Data Center & Monetization Pressure: As AI companies burn capital and face scrutiny, alternative capital formation (private credit, off-bal sheet solutions) is at the forefront.
• Brand Control and Crisis Comms: Brands lean harder than ever into controlling their own story, but journalists still crave friction and transparency.
• IPO & M&A Markets Are Changing: Private companies stay private longer, but capital market architecture (and scrutiny) is forcing earlier exits. Private credit and debt will remain pivotal.

Further Listening

• Follow TBPN for continued coverage of live NYSE events and evolving technology markets.
• Look out for appearances from Jim Cramer, and keep an eye on the future relationship between financial media and tech’s leading voices.